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Transcripts for Project Risk Management, Perform Quantitative Risk Analysis:
Quantitative Risk Analysis is the process of quantitatively analyzing the risk data. Remember, this should only be done if it's worth spending the
time and effort analyzing the risk; else, it's better to move from Qualitative Risk analysis to Risk Response planning, which is the next step in Risk
management.Usually, Quantitative Risk Analysis is done for highest risk on the project to further investigate them.So the updated list of Risk Register is the input to Quantitative Risk Analysis.The numerical quantitative risk data is usually collected by analyzing past project data or by expert judgment. Sometimes numerical data are also used for simulation and one of the simulation techniques is Monte Carlo Analysis.For example, using Monte Carlo Analysis you can check if the project is executed 100 times, what is the probability of completing the project on a specific
date. Similar analysis can be done for the risk as well.Numerical data also helps in using Decision tree concept to objectively analyze project risks and impact.But again let me emphasize that, quantitative risk analysis should only be done when it's worth doing it. Usually large multi year project may require quantitative risk analysis.The output of this process is the quantified list of prioritized risks. Along with this, some times the amount of contingency reserve in terms of time and
cost is also calculated as part of this process.
